The company which currently holds a 50% stake will divest 10% of its interest to a third party, following approval.
P1 Energy spud the well, after a side track of the original wellbore reached total measured depth of 11,027ft, targeting the Mirador and Une formations.
Production tested on jet pump at an average rate of 7,280 barrels of oil per day of approximately 25 degree API crude oil over a four hour period while the maximum flow during the jet pump test was 9,512 barrels of oil per day over a one hour.
Oil flowed naturally at an average rate approximately of 3,036 barrels oil per day over a six hour period with down hole restrictions due to the jet pump assembly.
The company intends to install a high volume electric submersible pump in the well, which is the first of two commitment exploratory wells on the Block.
The drilling rig will move to the Samaria Norte-1 Block which is expected to be spud in the second half of May 2012, to target the Mirador and Une formations.
